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Claim back PPI on a business loan

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collectors
collectors Posts: 239 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Reclaim PPI & other insurance
Hi, just before i make any inquires, can i claim back PPI on a business loan where my house was used as security. Also is there a time limit on how long ago the loan was.

Thanks

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  • Nasqueron
    Nasqueron Posts: 10,678 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You can complain about (not claim back) anything you like, just provide your reasons and evidence and see what they say. There are no time limits so long as someone has records. The fact your house was security indicates a strong need for PPI to avoid losing your home

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • dunstonh
    dunstonh Posts: 119,679 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The wording of your post suggests it is a limited company rather than self employment. If so, then the complaint needs to come from the directors of the company.

    If the complaint is successful, then the redress will be paid to the limited company. If the company is no longer trading, then it will need to be reactivated, bank account opened and HMRC informed (as its subject to Corporation tax) and if you pay it as dividends, it could be subject to dividend tax.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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